Page 11 - Axiom Mining Limited 2012 Annual Report

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2012 Annual Report
Throughout the year the challenge for us was to access,
prioritise and adequately allocate our limited pool of
funds to our ventures. It was imperative that we closely
scrutinised the funding required for the legal case
(this can be quite costly), because at the same time we
needed to be able to deploy appropriate capital towards
growth of the business. Effectively, our operations
were funded through a series of private placement
of shares, the exercise of options and the fulfilment
of convertible notes.
Importantly, we maintained the ability to fund all
of our operations despite the increasing difficulty
to access funds from capital markets. At times this
created volatility in our share price but our ability
to strategically read ahead and move quickly saw
us finish the year in far better financial position.
Our unique and strong mix of operational, technical,
legal and financial skill sets, both in the management
team and the Board, have enabled the Company to
advance its projects and deal effectively with the
litigation proceedings in parallel. Of note this year has
been the advice of our Non-Executive Directors which
included Mr Stephen Williams’ regular involvement
in the Solomon Islands.
Looking Forward
2012 was a challenging year for our Company, with
legal issues and the tough global economic climate
impacting on our progress. Against a difficult backdrop,
we still made encouraging steps forward and we are
well poised to make significant in-roads into all of our
projects in 2013.
With a clearly defined strategy in place and a highly
experienced technical team on-board, the platform is
set for our Company to evolve into a significant mining
player in the Asia Pacific region.
In anticipation of a heightened level of activity across
all our projects, coupled with the need to be able to
continue to attract quality technical personnel, we
have decided to relocate our head office from Sydney to
Brisbane. Essentially, it makes geographical sense for us
to be located closer to all of our projects. I am pleased
to say that the key members of our senior management
team are making the move to Brisbane, which to me
shows the high level of dedication and confidence they
have in the Company and its future.
2013 promises to be a transformational year for
Axiom. Our Board and management team are intently
focused on delivering results that exceed expectations,
outperform industry norms and maximise shareholder
value. Securing our rights over the Isabel Nickel
Deposit is a key goal for the coming year – so too
is achieving exploration success in Vietnam and
converting our Queensland prospects into commercial
assets. Accomplishing these will allow our Company
to capitalise on other opportunities in the regions
we operate – with strong local relationships already
in place and an entrenched community-based
approach to operations; we are in a great position
to do exactly that.
Director - Mr Neil Stuart and the geological team in session at our annual conference